Likelihood of finding a buyer for your home at its best point in a decade says Rightmove

The likelihood of finding a buyer for your home is at its best point at any time in the past decade, new research suggests.

Nearly seven out of 10 homes for sale – 68 per cent – successfully found a buyer between June 2020 and June 2021, according to Rightmove.

It is up from 41 per cent in 2012, and the highest percentage in any year during the past 10 years, the property website says. 

The data suggests that the market is particularly hot in Scotland, while London locations are lagging.  

Between 2012 and early 2020, just over half – at 53 per cent – of homes typically found a buyer, according to Rightmove

Region/country % of homes selling (June 2020 – June 2021)
Britain 68%
Scotland 89%
Yorkshire and The Humber 77%
North West 74%
Wales 74%
West Midlands 73%
South West 73%
East Midlands 73%
North East 72%
South East 67%
East of England 66%
Source:  Rightmove  

The analysis of more than 13million property listings on Rightmove’s website tracked the journey of a property, from initially being put on the market through to being sold subject to contract.

Those sales that fell through and went on to secure a buyer again were only counted once as part of the analysis, the property website explained.

Between 2012 and early 2020, just over half – at 53 per cent – of homes typically found a buyer.

Rightmove said that the remaining 47 per cent were either withdrawn from sale or stayed on the market.

Scotland leads the way with 89 per cent of homes successfully finding a buyer, compared to 48 per cent in London.

Almost seven in 10 homes have found a buyer in the current market, according to Rightmove

Almost seven in 10 homes have found a buyer in the current market, according to Rightmove

The next best performing area is Yorkshire & the Humber, with nearly four in every five homes – at 77 per cent – selling.

Areas at the top of the list are all in Scotland, with 94 per cent of homes in Falkirk and East Dunbartonshire finding a buyer. It is followed by South Lanarkshire, with 93 per cent of vendors finding a buyer. 

Outside of Scotland, the top three are Sheffield at 83 per cent, Craven at 81 per cent and Chorley at 81 per cent. 

By contrast, the bottom end includes high-end markets of London such as Westminster at 22 per cent, Kensington & Chelsea at 25 per cent, and Camden at 28 per cent.

Local Authority Region/country % of homes selling (June 2020 – June 2021)
Falkirk Scotland 94%
Torfaen Wales 80%
Bexley London 74%
Chorley North West 81%
Darlington North East 77%
Nuneaton and Bedworth West Midlands 78%
Chesterfield East Midlands 79%
King’s Lynn and West Norfolk East of England 74%
Weymouth and Portland South West 78%
Folkestone and Hythe South East 75%
Sheffield Yorkshire & the Humber 83%
Source: Rightmove     
Local Authority % of homes selling (June 2020 – June 2021)
Falkirk 94%
East Dunbartonshire 94%
South Lanarkshire 93%
Renfrewshire 93%
East Renfrewshire 93%
Midlothian 93%
North Lanarkshire 93%
West Lothian 93%
Glasgow City 92%
Fife 91%
Source: Rightmove   

Tim Bannister, of Rightmove, said: ‘There’s been a much greater chance of a seller finding a buyer over the past year, which really highlights the sheer number of people who have been determined to move.

‘While the long-term average shows that typically around half of properties sell, the increase in 2021 reflects the frenzied buyer activity we’ve seen in the current market, driven by multiple factors such as pent up demand and changing priorities.

‘This efficiency in the market means agents are operating on limited stock, and they need more homes to satisfy all types of buyers. 

‘We’ve seen from previous research that Scotland often contains the most likely areas to find a buyer, and London the least, however the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope, and the popularity of every area in Britain is increasing.’

Local Authority Region/country % of homes selling (June 2020 – June 2021)
Sheffield Yorkshire and The Humber 83%
Craven Yorkshire and The Humber 81%
Chorley North West 81%
Oldham North West 80%
Torfaen Wales 80%
Bridgend Wales 80%
Richmondshire Yorkshire and The Humber 80%
Halton North West 80%
Knowsley North West 79%
Tameside North West 79%
Source: Rightmove     

It comes amid a red hot property market, with Nationwide reporting this week that the average value of a home in Britain has risen by around £24,500 between July last year and the end of June this year.

The average cost of a home now stands at £244,229, it said. However, this is a drop from £245,432 in June, following the end of the stamp duty holiday.

Robert Gardner, Nationwide’s chief economist, said: ‘ Buyers had rushed to complete deals before the deadline, with the number of housing market transactions soaring to a record high of almost 200,000 in June, which is around twice the typical monthly number before the pandemic.’

Borough Region % of homes selling (June 2020 – June 2021)
Islington London 39%
Richmond upon Thames London 38%
Ealing London 38%
Brent London 36%
Hammersmith and Fulham London 31%
City of London London 31%
Tower Hamlets London 30%
Camden London 28%
Kensington and Chelsea London 25%
Westminster London 22%
Source: Rightmove